As ARLA Propertymark’s reports, rental market is doing well and the demand for rental properties keeps rising. On average, a letting agent registered 70 new tenants in May. This grew to 79 in June. This is still somewhat lower to the pre-lockdown figures. For example, in February an average number of new, potential tenants was 82.
Rental Property Market
Likewise, June saw a rise in the number of rental properties available. As lnalordtoday.co.uk reports,
“The number of properties managed per branch reached an all-time high for the month of June, with an average of 200 properties managed per letting agent branch.”
This is especially true for the northern regions where an average agent would have over 250 properties on their books. However, nationally the figures are slightly lower with an average branch managing around 200 properties.
An increase in tenant demand has brought an increase in rental values. Research shows that 29 percent of agents had requests from landlords to increase rents. In comparison, in May it was only 14 percent.
On average a property was empty for about 5 weeks in May. However, this has decreased to 4 weeks in June. Pre-lockdown, a property would remain empty between tenancies for 3 weeks.
Phil Keddie, president, ARLA Propertymark, commented:
“The record-breaking supply of rental stock and demand from tenants for this time of year paints an optimistic picture for the summer months, indicating that the market will be more active than the usual seasonal lull.
“As the market continues to recover from the pandemic, it’s essential that everyone continues to keep up with their rent in order to sustain the market and help boost the economy during these uncertain times.”